I’m old enough to remember when we had “Fed Watchers” as a very expensive job function on Wall Street. Their track record was probably as bad or worse than the average meteorologist on the local news, and they only had eight meetings a year to predict.
Today comes the news that the Fed will share its musings on the future path of their Fed Funds rate as part of their release of meeting minutes. Gadzooks! Think how far this is from the days when they told us exactly nothing, and people got paid millions of dollars to guess what the current policy might be. Fuggedaboutit if you wanted to know what they were thinking about the future.
Never thought I’d see this day.